Weekly roundup: Indonesia’s Desty bags $5m and other SE Asia deals

Desty, a Jakarta-based social commerce enabler, has secured $5 million in an extended pre-Series A round led by East Ventures with participation from Jungle Ventures, the company said in a statement on Friday.

Existing investors such as Fosun RZ and January Capital re-upped in this round in a bid to strengthen the company’s balance sheet and accelerate its product development and merchant acquisition. Desty also plans to launch new products in the coming months.

DealStreetAsia was the first to report, in July, that Desty had closed a pre-Series A round, raising over $3 million led by 5Y Capital in what was understood to be the Chinese venture capital firm’s first investment in Indonesia. Desty later confirmed that it raised $3.2 million in the round following an undisclosed seed funding in December last year.

Around half of Desty’s users are online merchants, including DAMN I Love Indonesia, Luna Habit & Nama Beauty by Luna Maya, Kurumi, Janji Jiwa, Haus. Another 30% are creators or influencers such as the Indonesian Olympics gold medalist Greysia Polii.

Other social commerce startups are also in the market to raise funding, including Chilibeli, which is reportedly in talks to raise around $20 million. Evermos secured $30 million in a Series B funding in September this year.

AV startup MooVita scores fresh funding

MooVita, a Singapore-based autonomous vehicle startup, announced raising Series A funding from tech-focused investor 1Derlife Growth and SEEDS Capital, the investment arm of Enterprise Singapore.

The startup, which was established in 2016 with headquarters in Singapore and offices in Malaysia and India, claims to have pioneered the development of driverless software solutions that can be deployed in cities worldwide.

MooVita plans to use the corpus to expand its operations and take its products to Europe while strengthening its footprint in the Asia-Pacific region.

MooVita’s driverless software seeks to transform various vehicle types into autonomous vehicles for different driving conditions and applications, such as first or last-mile transportation, logistics transportation, agriculture, and utility.

The startup operates in the electric and autonomous vehicle market, which is expected to grow at a CAGR of 22% to hit $60 billion 2028, according to 1Derlife Growth principal Gregory Lee.

MooVita’s early investors include Pioneer Smart Sensing Innovations Corporation (a consolidated subsidiary of Pioneer Corporation), SEEDS Capital, and GreenMeadows Accelerator.

SOUTHEAST ASIA DEAL MONITOR

DealStreetAsia has put together a table listing out prominent venture capital transactions in Southeast Asia for the week starting November 22, 2021.

Expand Table

StartupHeadquartersInvestment SizeInvestment StageLead Investor(s)Other Investor(s)Industry / Verticals
PaceSingapore$40,000,000Series AMarubeni Ventures, Atinum Partners, AppWorks, Alpha JWC, UOB Venture Management, Vertex Ventures Southeast Asia, Genesis Alternative Ventures Fintech
Sun EnergySingapore$25,000,000Series ATBS EnergyDelta Dunia MakmurEnergy
GimoVietnam$1,900,000SeedIntegra PartnersResolution Ventures, Blauwpark Partners, and TNB Aura VN Scout Fintech
Recruitery VietnamSeedCyberAgent CapitalHRtech
MooVitaSingaporeSeries A1Derlife Growth, SEEDS CapitalTransport
RWDCSingaporeUndisclosedSeries BVickers Venture Partners, TemasekCPV/CAP Pensionskasse Coop, Optimas Global Healthcare FundBiotech
PintekIndonesia$7,000,000Series AKaizenvest, Heritas Capital, Blue7, Earlsfield Capital, Finch Capital, Global Founder Capital, Action Venture Lab, Strive, Fox VenturesFintech
VerseHubVietnam$1,000,000Metaverse
Jago CoffeeIndonesia$250,000Pre-seedBeeNext, Prasetia Dwidharma, Hidenori IzakiF&B
Hepmil mediaSingapore$10,000,000Series AQuest Ventures, Pavilion Capital, Bent PixelsMedia
DestyIndonesia$5,000,000pre-Series AEast VenturesJungle Ventures, Fosun RZ, January CapitalE-commerce

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.